In some thread somewhere Sam (I think, may have been Swede) said they were talking about adding a gear-to-vanity conversion possibility, but it's a little ways down the to do list.

My own speculation as to how it's going to be if it does happen: An NPC who charges plat (probably costing about as much a they typical store vanity goes for now, maybe a little bit more), and if they decide to put in a free conversion capability, i'm thinking a significant amount of gold/tokens.